Angie's List loss wider than expected, shares slip

AngelaChen

Angie's List Inc. said its third-quarter loss narrowed as the company booked lower marketing expenses and posted higher revenue.

The bottom line was still weaker than expected, pushing shares down nearly 8% premarket.

Angie's List, which went public in November 2011, runs a website that lets visitors research, rate and hire local businesses. The Indianapolis-based company operates as a subscriber model, allowing access only to paid members.

"We continue to add new members and grow revenue while we transition our business to a marketplace model," said Chief Executive Bill Oesterle.

Despite revenue growth, the company has posted mostly losses since going public, as expansion efforts pushed up costs.

For the latest quarter, Angie's List reported a loss of $5.2 million, or nine cents a share, compared with a loss of $13.5 million, or 23 cents a share, a year ago. Analysts had projected a loss of 6 cents.

Revenue grew 24% to $81.3 million. The company had expected revenue of $80.5 million to $82.5 million.

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